PolicyBazaar's Yashish Dahiya responded to IRDAI's consultation paper on insurance commissions and expense of management, defending the company's consumer-centric model and apologizing for earlier harsh remarks after…
PolicyBazaar's Yashish Dahiya responded to IRDAI's consultation paper on insurance commissions and expense of management, defending the company's consumer-centric model and apologizing for earlier harsh remarks after the stock fell sharply.
- Market cap wiped off
- 1.6 lakh crores rupees
- Claims overturned last fiscal year
- 11,156 cases
- Share of fresh health and term lives
- 30 percent
- Growth rate of health and term business
- 50 percent
- Share of sales from direct traffic
- 80 percent
Heard on business television between 09:32:41 - 09:35:41 IST.
- Dahiya said the stock price drop did not bother him, but a media comment suggesting PolicyBazaar relies on aggregation rather than being consumer-centric hurt him, leading to his earlier harsh statements, for which he apologized.
- He said the company supports IRDAI's broad intent to reduce mis-selling, align commissions, and increase penetration, citing 11,156 cases last financial year where claim decisions were overturned in customers' favor.
- He claimed health and term insurance business has grown over 50%, with PolicyBazaar contributing more than 30% of all fresh lives added in health and term insurance in India.
- He said 80% of sales come from direct traffic and 26% of staff drive 70% of sales, so the company could survive and even thrive under a zero-commission scenario, though this isn't desired as it could hurt smaller competitors.
- He argued that reducing choice would push the market back to tied-agent models, which benefit large insurers by keeping 'opacity' in the market, and that independent advisors are important for fighting customers' claims.
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